Every new product category and technology has an adoption curve, which is the average pace at which a population accepts a product, service, or technology over time. An adoption curve, also known as an S curve, is composed of five distinct groups of adopters depending on their capacity to "adopt" new products and technologies. The five stages are depicted as The Innovators come first, followed by the Early Adopters, the Early Majority, the Late Majority, and the Laggers.
Blockchain technology is a prime example of an adoption curve. Although cryptographically protected chains of blocks were presented in the early 1990s, it wasn't until 2008 that Satoshi Nakamoto published a whitepaper outlining the blockchain paradigm. The first genesis chain was mined in 2009. Since then, it has been gradually embraced, and now, more than 80% of total Bitcoins have been mined, and more than 5,000 cryptocurrencies have been established on blockchains after the introduction of the first BTC.
There are several ways to assess cryptocurrency adoption, but at the end of the day, it refers to encouraging more people to acquire cryptocurrencies, invest in them, and utilize them in novel ways in their daily lives. Although the rate of crypto acceptance has grown in recent years, it is still unknown what the future of crypto adoption will look like. This adoption process may be seen in a variety of marketplaces when various segments of a market embrace a new product or technology at different times and for different reasons.